Proposal Sent To Governor For Consideration

Legislation to create a state Small Business Loan Program to provide low interest loans to New Jersey small businesses that commit to increase their workforce was approved by the Assembly Monday and sent to Gov. Chris Christie for consideration.

The proposal (S-3052) would direct the state Economic Development Authority to establish the program and provide 2 percent or lower interest loans of up to $250,000 to small businesses which commit to increase employment levels by at least 10 percent within the next four years. The loans could be used for capital purchases, employee training and salaries for new positions.

In order to be eligible, a small business must be independently owned and operated; be for-profit with a place of business located in the state; be primarily operated within the state; not be dominant in its field; employ less than 100 full-time employees; have not raised $10 million or more in equity financing; and have not received $10 million or more in financing from any source. The loan program would be self-sufficient and based upon loan repayments, and not require the state to incur any cost.

“The bill previously passed the Senate 39-0.



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